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Bermuda Insurance Act · Commercial

Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

Updated October 2017 | Consolidated Acts

Cover of Consolidated Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

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The Bermuda Insurance Act 1978 and Regulations for Commercial Insurers contains consolidated versions of:

  • The Insurance Act 1978
  • The Insurance Account Rules 2016
  • The Insurance (Eligible Capital) Rules 2012
  • The Insurance (Public Disclosure) Rules 2015
  • The Insurance (Group Supervision) Rules 2011
  • The fee schedule applicable to insurance entities as set out in the Bermuda Monetary Authority Act 1969
  • All amendments to date

The Bermuda Insurance Act 1978 and Regulations for Commercial Insurers Compendium also includes consolidated versions of the following Rules, excluding the Schedules:

  • The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008
  • The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011
  • The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011
  • The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011

The most recent legislative changes include:

  • Amendment to section 44B of the Insurance Act 1978 made by the Appeal Tribunals (Miscellaneous) Act 2017, in force 30 October 2017

Other recent amendments include

  • The revocation of Rule 21(4)(b)(i) by the Insurance (Group Supervision) Amendment (No. 3) Rules 2016, operative 31 March 2017 and apply to financial years commencing on or after 1 January 2016
  • Other Insurance (Prudential Standards) (No. 3) Amendment Rules 2016 amend only the Schedules to the Rules, which are not contained in this Compendium
  • All of the other (No. 3) Amendment Rules came into force 31 March 2017 and apply to financial years commencing on or after 1 January 2018
    Consolidated versions of the above Insurance Rules, including the Schedules, as well as Excel spread sheets with the BSCR model for each class of insurer and Bermuda Groups can be found on the Bermuda Monetary Authority website.

Additional recent amendments include:

  • The Bermuda Monetary Authority (Determination of Appeals) Act 2016
  • The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment (No. 2) Rules 2016
  • The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Amendment (No. 2) Rules 2016
  • The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment (No. 2) Rules 2016
  • The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment (No. 2) Rules 2016
  • The Insurance (Group Supervision) Amendment (No. 2) Rules 2016
    All of these amendments came into force 1 January 2017 and apply to the financial years commencing on or after 1 January 2016.

Other recent amendments include:

  • The Insurance Amendment Act 2016, in force 21 July 2016, paragraphs 2 and 3 of Schedule 1 in force 1 January 2017

For a complete list of amendments that have been incorporated into the Insurance Act 1978 and related legislation, please refer to the Table of Statutes.

While every effort has been made to ensure its accuracy, and it is believed that the only errors in the legislation are those contained in the statutes themselves (which errors have been faithfully reproduced), no responsibility is assumed for the content, and reference is made to the originals for an authoritative statement of the Insurance Act 1978 and related Rules, Regulations, and Orders.

Conyers Dill & Pearman
Hamilton, Bermuda

October 2017

 

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